The Student Hotel has added to its seven-strong portfolio of European properties by acquiring a former public building in Florence.

The Student Hotel has added to its seven-strong portfolio of European properties by acquiring a former public building in Florence.

Located in the city centre, the asset, known as Palazzo del Sonno (the sleepy building), was originally built for diplomatic needs before being used for many years as public office space.

The 20,000 m2 property was part of the massive urban reorganisation designed by Giuseppe Poggi in 1864, prior to Florence becoming Italy’s capital city. It overlooks Viale Strozzi in front of Fortezza da Basso, and is bordered by Viale Lavagnini and Via Lorenzo il Magnifico.

The Student Hotel will carry out a major refurbishment of the property costing in excess of €40 mln before reopening it as a 390-room student residence in 2017. The company will maintain its 19th century facade but renovate the building inside, mirroring the template established with properties in the Netherlands. Facilities will include a library, study areas, meeting and conference rooms, an incubator for start-ups, a games room, gym and bicycle fleet. The property will also boast a rooftop swimming pool and a 180-seat auditorium.

Commenting on the purchase, Charlie MacGregor, CEO and founder The Student Hotel, said: ‘The Student Hotel Florence will connect students and start-ups, freelancers and the business community. It will be a hub for an international network where people can meet, stay and work – this is the model for our European investment and roll-out.’

The Student Hotel currently operates 2,750 rooms in Amsterdam, Rotterdam, The Hague, Barcelona and Paris. It aims to reach 10,000 rooms by 2020 through a programme of similar acquisitions in Italy, Germany, France, Spain, the United Kingdom and Scandinavia.